LINK Loses Key Trendline Support as Bears Target Lower Prices

• LINK lost $8.38 support, confirming a bearish break below the rising trendline.
• Bears target $7.87, $7.67, and $7.40 while resistance remains near $8.38.
• Buyers must reclaim resistance to invalidate the bearish breakdown and restore momentum.

Chainlink — LINK, has entered a crucial phase after losing one of the most important support levels on the chart. Selling pressure pushed LINK below the $8.38 mark, confirming a break beneath a long-standing rising trendline that previously supported higher prices. That move has shifted momentum away from buyers and handed control back to the bears. Unless bulls quickly reclaim lost ground, the current technical picture suggests further downside could follow. Traders are now watching closely for confirmation as the market decides whether this breakdown marks the beginning of a larger decline.

LINK Breakdown Signals a Shift in Market Structure

LINK's drop below the $8.38 support level carries more weight than a normal price correction. That area had repeatedly attracted buyers and helped maintain the broader uptrend. Once sellers forced price below both support and the rising trendline, the previous bullish structure began to break apart. Higher lows disappeared from the chart, while bearish momentum continued building.

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